UBS analyst Timothy Arcuri raised his price target for Micron Technology (MU) to $47 from $37 while maintaining a Neutral rating on the shares. The stock closed Monday down 11c to $44.40. The analyst, who remains concerned about producer inventory overhang and Micron’s forward cost curve in both DRAM and NAND, increased his estimates for the company to reflect more moderate NAND pricing declines, which he notes are driven in part by the Toshiba/Western Digital (WDC) joint venture shutdown. Micron’s willingness to cut capital expenditures to avoid burning cash argues for a better near-term multiple of tangible book value, Arcuri tells investors in a research note. However, fiscal 2020 “remains a transition year” where its gross margin will contract another 300-500 basis points in the first half of the year, the analyst cautions.